From 2013 to 2023, the rubber and plastics products manufacturing output in Austria has shown a fluctuating yet overall growth trend. In 2023, the output stood at 7.49 Billion Euros. The period witnessed significant year-on-year variations, including a substantial decline of 9.32% in 2020 due to the global economic downturn. However, resilience marked the sector, rebounding with a robust 12.09% increase in 2022. Despite a slight dip of 4.85% in 2023, the average annual growth over the past five years (CAGR) stands at 1.49%, illustrating steady market performance.
Looking ahead, the forecasted data till 2028 suggests a positive growth trajectory with a forecasted CAGR of 1.39%, translating to a total growth rate of 7.17% over the next five years. This indicates a promising outlook for the rubber and plastics products manufacturing sector in Austria.
Future trends to watch for include:
- Technological advancements in manufacturing processes.
- Increased demand for sustainable and eco-friendly materials.
- Global economic indicators affecting raw material costs and supply chains.
